Binance disclosed its plans to discontinue buying and selling for the XRP leveraged tokens earlier, revealing that the event will happen in the present day.
Binance has discontinued buying and selling for XRPUP and XRPDOWN – two XRP leveraged tokens – in the present day. The main crypto alternate earlier announced plans to stop buying and selling for the leveraged tokens towards USDT, noting that the transfer will probably be carried out on Could 12.
In accordance with the prior announcement, buying and selling for XRPUP/USDT and XRPDOWN/USDT ceased at 03:00 (UTC) in the present day, upon which all energetic commerce orders initiated by clients had been robotically closed by the system. The alternate had implored clients to commerce their XRPUP and XRPDOWN tokens for different property earlier than the delisting.
The tokens are now not on the Binance platform as of press time. If some clients nonetheless maintain these tokens after the delisting occasion, Binance has saved the redemption service for them open, permitting customers to redeem the leveraged tokens for USDT via the devoted Leveraged Tokens web page or the pockets operate.
Leveraged Tokens are particularly meant to multiply the features (or losses) made in a commerce. For example, a 2x leveraged token would ship 2 instances the return of the underlying asset. The XRPUP token multiplies buyers’ returns when XRP goes up, and XRPDOWN multiplies buyers’ returns when XRP goes down.
The XRPUP and XRPDOWN tokens are the newest in an extended line of leveraged tokens delisted by Binance this 12 months. In January, the alternate announced plans to delist twenty leveraged tokens from Feb. 14 to 18. Final month, Binance additionally disclosed that it could stop buying and selling for six leveraged tokens from Could 9 to 11.